The pipeline, known as the Balticconnector, has been found to be "deliberately damaged" according to Finnish authorities, with suspicions pointing to Russia.

Between August 1 and 16, daily primary processing rates averaged 5.63 million barrels, marking an increase of almost 10,000 barrels per day compared to the average for most of July.

This signals the opening of the Arctic route for business.

The move signifies Switzerland's active scrutiny of its significant commodity industry's ties with Moscow. The inquiry, directed at Paramount Energy & Commodities SA, was initiated through a letter sent in April.

Rusian oil and gas revenues fell $15.8 billion in the first quarter of 2023.

The tug linked to a russian carrier group has been spotted 30 miles off the coast of the Shetland Isles

Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia is ready to begin an investigation of the recent incidents on the Nord Stream pipelines.

While Nord Stream and other pipeline closures take their toll on domestic supply, leaving Europe to scramble amid a gas supply crunch, Canada’s oil and gas producer Trillion Energy is hoping to alleviate the energy crisis by scaling up natural gas production in the fourth quarter of 2022 through programmes for which it has secured the required funding.

Norwegian and Swedish seismic institutes have recorded two underwater blasts before the discovery of the gas leaks on the Nord Stream pipelines in the Baltic Sea linking Russia and Europe, prompting an investigation by authorities amid suspicions of sabotage.

Three offshore lines of the Nord Stream gas pipeline system on the bed of the Baltic Sea sustained “unprecedented” damage in one day, Nord Stream AG, the operator of the network, said on Tuesday.